摘要
本文以中国沪深两市上市公司2001—2004年的数据，选择了900家公司为研究样本，在考虑股权结构内生性的基础上，研究了股权结构与公司业绩的关系。结果表明：国有股与业绩呈显著的U型关系，股权结构的其他变量在内生性的框架下并没有通过显著性检验。因而得出了并不存在所谓的最优股权结构，股权结构本身可能是内生的研究结论。
This paper has carried on a deeper analysis on the relationship between ownership structure and corporate performance from the endogenous visual on ownership structure, choosing 3600 samples of 900 listed companies for 4 years from 2001 to 2004. The result shows： The relationship between state-owned stock and the achievement is prominent Model U under quadratic equation; however, other variables of the ownership structure have not produced direct significance influence on the corporate performance, so there is no so-called optimum ownership structure, which may be endogenous.
关键词
内生性
主成分分析
股权结构
公司业绩
endogenous
main composition analysis
ownership structure
corporate performance
